RAK Properties Q3 net profit surges 383%

Dubai - The Abu Dhabi Stock Exchange-listed company said its revenues soared to Dh424.37 million during the quarter from Dh177.54 million in corresponding period of last year



The RAK-based leading property development and tourism infrastructure company said its total income increased to Dh184.33 million during July-September 2021 quarter from Dh27.15 million in the same quarter last year. — Supplied photo
The RAK-based leading property development and tourism infrastructure company said its total income increased to Dh184.33 million during July-September 2021 quarter from Dh27.15 million in the same quarter last year. — Supplied photo
by

Muzaffar Rizvi

Published: Sat 30 Oct 2021, 5:38 PM

Last updated: Sat 30 Oct 2021, 10:04 PM

RAK Properties on Saturday said its third-quarter net profit surged 383 per cent to Dh197.9 million compared to Dh40.97 million in the same quarter last year due to the company’s resilient performance in the challenging era.

In a statement, the RAK-based leading property development and tourism infrastructure company said its total income increased to Dh184.33 million during July-September 2021 quarter from Dh27.15 million in the same quarter last year.

The Abu Dhabi Stock Exchange-listed company said its revenues soared to Dh424.37 million during the quarter from Dh177.54 million in corresponding period of last year. Value of assets increased to Dh6.18 billion, a step up from Dh5.8 billion, as a result of increased investments in the development of hotel and residential projects.

Abdulaziz Abdullah Al Zaabi, chairman of the board of directors of RAK Properties said these positive results once again poved the strength of the real estate market in the UAE.

“The country has numerous available investment opportunities that overcome all challenges, with great support from wise and forward-thinking leadership. The real estate market is on the verge of more exceptional performance during the coming period, with more projects to be delivered soon,” he said.

RAK Properties announced the continuation of construction operations in five-star hotel projects, as the Intercontinental Mina Al Arab Resort and Hotel is expected to commence operational activities during the last quarter of 2021. The Anantara Mina Al Arab Hotel and Resort is expected to open during 2022, and will successively contribute to improving the company's revenues for subsequent years through periodic revenues generated by the assets of the hospitality sector.

The company is currently working to accelerate work on the final stages of the Marbella Villas project on Hayat Island in Mina Al Arab, which includes 205 villas and townhouses. The Julphar Residence project on Al Reem Island in Abu Dhabi is another project under works, and includes 266 apartments. Julphar Residence is in its last stages of preparation for delivery during the current year.

In its statement, RAK Properties also disclosed future projects to be added to its portfolio, namely the Bay Residence project on Hayat Island in Mina Al Arab which will consist of 648 residential units and Gateway Residence 2, a residential tower located within the Mina Al Arab project.

The company also revealed a new phase of Marbella villas due to the increased demand with additional 79 units. 13 future developments will also be added to the prestigious Hayat Island as part of the masterplan redesign. This addition will contribute to achieving more profits to RAK Properties’ increased investors and end users base, and are set to be an added value to the future of tourism and economic activity in the emirate.

—muzaffarrizvi@khaleejtimes.com


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